First Sponsor Group Limited Investor Presentation 25 October 2019

Poortgebouw Hoog Catharijne at Utrecht, the Netherlands

which houses the Group‘s Hampton by Hilton Hotel (in operation) and Crowne Plaza Hotel (under development)

Contents

Page

Section 1 Key Message 2

Section 2 Financial Highlights 6

Section 3 Key Business Review 3Q2019 – Property Development 16

Section 4 Key Business Review 3Q2019 – Property Holding 25

Section 5 Key Business Review 3Q2019 – Property Financing 30

1

2

Key Message Section 1

1. The Group achieved a net profit of S$33.3 million in 3Q2019, a 30.3% quarter on

quarter growth. This is the 19th quarterly growth out of 22 quarters of results

reporting since the Group’s IPO in July 2014.

2. In Dongguan, the Star of East River and Emerald of the Orient projects continue to

generate good cash flows through strong pre-sales performance. The residential

units of The Pinnacle and Wanjiang Victory Land projects are expected to be

launched for pre-sale in late 2019/early 2020 and late 2020 respectively. The

Group’s various Dongguan projects are expected to be handed over in phases

over the next few years.

3. The Group has launched 781 out of a total of 807 loft SOHO units at Plot F of the

Chengdu Millennium Waterfront project for pre-sales in August 2019 and sales

performance for these launched units has been satisfactory. The development at

Plot F is expected to be completed around early 2021. The Group is considering

its development options for Plot E, the last development plot of the Chengdu

Millennium Waterfront project.

Key Message

3

4. The 193-room Hampton by Hilton hotel in Utrecht, the Netherlands has traded well

Encouraged by the stellar performance of its first owner managed hotel in the

Netherlands, the Group looks forward to the completion of the 144-room Crowne

Plaza hotel in April 2020 which will also be owner managed and is within the same

building.

5. The Group has received the conditional building permits to (i) redevelop the

Dreeftoren Amsterdam office building by increasing its net lettable area by

approximately 74% to 15,272 sqm; and (ii) develop a new 312-unit residential tower

next to the office building. The Group expects both building permits to be irrevocable

by late 2019. As construction costs in the Netherlands remain high, the Group will

monitor the construction market and will only commence construction if it is able to

secure a construction contract for the developments at a reasonable contract price.

6. The Group has successfully recovered the entire RMB170.0 million loan principal in

respect of the Case 1 defaulted loan in October 2019. After working with the

Shanghai court and due to the public interest arising from the criminal cases involving

the legal representative of the borrower, the Group has accepted a lower interest of

RMB24.2 million, being interest accrued at 4.75% per annum, with the remaining

auction proceeds to be distributed to the victims of the criminal cases. This marks the

conclusion of the litigation in relation to the Case 1 defaulted loan. Since the

commencement of the Group’s property financing (“PF”) business in 2012, the Group

has experienced defaults on only two PF loans and has not suffered any bad debt

loss.

Key Message

4

7. The PRC PF loan book stood at approximately RMB2.0 billion as at 30 September

2019. The Group is working towards the disbursement of additional PRC PF loans

before the end of 2019. The Group expects 2019 to be a record year for the PRC

PF business.

8. Following the Group’s maiden entry into Australia in late 2018, the Group is keen

to increase its business footprint in the key cities of Australia which may be by way

of equity participation in, and financing of, property development projects. Given

the ongoing tightening of the credit market in Australia, the Group is upbeat that it

will be able to expand its Australia property financing portfolio and/or participate in

property holding opportunities for prime real estate properties or developments

under the current favourable macro-economic conditions.

9. Armed with a strong balance sheet, the Group is ready to capitalise on good

business opportunities in the Netherlands, Germany, the PRC and Australia for

further growth and expansion.

Key Message

5

6

Financial Highlights Section 2

7

2.1 Statement of Profit or Loss - Highlights

(1) “Attributable profit” refers to profit attributable to equity holders of the Company. (2) Dilutive effect arising from assumed conversion of all perpetual convertible capital securities and exercise

of all warrants. (3) Interest cover = PBT (excluding accounting interest due to or from financial institutions) ÷ net accounting

interest expense due to or from financial institutions. (4) The Group has net interest income from financial institutions.

Statement of Profit or Loss - Highlights

In S$’000 3Q2019 3Q2018 Change %YTD Sep

2019

YTD Sep

2018Change %

Revenue 44,596 53,493 (16.6%) 169,371 145,409 16.5%

Gross profit 28,448 32,974 (13.7%) 114,807 91,508 25.5%

Profit before tax 37,321 33,362 11.9% 99,164 70,918 39.8%

Attributable profit 33,321 25,575 30.3% 72,178 54,770 31.8%

Basic EPS (cents) 4.00 3.69 8.4% 9.45 7.99 18.3%

Diluted EPS (cents) 3.03 3.21 (5.6%) 7.73 7.42 4.2%

Interest cover (3) 43.9x 70.6x n.a. 49.0x n.m n.a.(4)

(1)

(2)

8

2.2 Statement of Profit or Loss – Revenue

Revenue

7.5

20.7

18.1

12.8

19.0

20.0

-

10

20

30

40

50

3Q2019 3Q2018

S$ M

illio

ns

Property

Financing

Property

Holding

PropertyDevelopment

S$44.6m

S$53.5m-16.6%

58.442.6

50.4

40.7

60.6

62.1

-

20

40

60

80

100

120

140

160

180

YTD Sep 2019 YTD Sep 2018

S$ M

illio

ns

PropertyFinancing

PropertyHolding

PropertyDevelopment

S$145.4m

S$169.4m+16.5%

Property Development The decrease was due mainly to lower number of residential units of the Millennium Waterfront project being handed over (3Q2019: 1 unit vs 3Q2018: 83 units).

Property Holding The increase in 3Q2019 was due mainly to full quarter’s revenue contribution from the newly acquired Westin Bellevue Dresden Hotel.

Property Financing The decrease in 3Q2019 was due to the absence of one-off penalty and consultancy revenue of S$1.4m which were recognised in 3Q2018 and partially offset by income from a higher average loan portfolio in 3Q2019.

2.3 Statement of Profit or Loss – Gross Profit

38.5

20.1

21.3

15.5

55.0

55.9

-

20

40

60

80

100

120

YTD Sep 2019 YTD Sep 2018

S$ M

illio

ns

PropertyFinancing

Property

Holding

PropertyDevelopment

S$91.5m

S$114.8m

+25.5%

3.5

10.1

7.8

5.0

17.1

17.9

-

5

10

15

20

25

30

35

3Q2019 3Q2018

S$ M

illio

ns

PropertyFinancing

PropertyHolding

PropertyDevelopment

S$28.4m

S$33.0m-13.7%

9

Gross Profit

Property Development The decrease was due mainly to lower number of residential units of the Millennium Waterfront project being handed over (3Q2019: 1 unit vs 3Q2018: 83 units).

Property Holding The increase in 3Q2019 was due mainly to full quarter’s revenue contribution from the newly acquired Westin Bellevue Dresden Hotel.

Property Financing The decrease in 3Q2019 was due to the absence of one-off penalty and consultancy revenue of S$1.4m which were recognised in 3Q2018 and partially offset by income from a higher average loan portfolio in 3Q2019.

In S$’000 3Q2019 3Q2018 Change %YTD Sep

2019

YTD Sep

2018Change %

Dutch office income 6,674 4,692 42.2% 17,184 15,546 10.5%

European hotel income 12,994 11,640 11.6% 29,555 28,856 2.4% - Operating hotels 10,191 8,695 17.2% 21,031 20,067 4.8%

- Leased hotels 2,803 2,945 (4.8%) 8,525 8,789 (3.0%)

Total 19,668 16,332 20.4% 46,739 44,402 5.3%

(1)

(2)

(3)

(4)

(5)

10

Excluding Dreeftoren Amsterdam, the Dutch office portfolio and European leased hotels (LFA: 147,000 sqm, occupancy of 90%) have a WALT of approximately 9.5 years.

2.4 European Property Portfolio Performance

(1) Includes the Bilderberg Portfolio, Hilton Rotterdam hotel, Westin Bellevue Dresden hotel and Hampton by Hilton Utrecht hotel.

(2) Includes the Le Méridien Frankfurt hotel and Arena Towers Amsterdam (Holiday Inn/Holiday Inn Express). (3) Due mainly to the income contribution from the Munthof Amsterdam and Oliphant Amsterdam which

have completed their redevelopment in 2019, and higher rent contribution arising from higher occupancy of the Mondriaan Tower Amsterdam.

(4) Due mainly to the additional income contribution from (i) Westin Bellevue Dresden Hotel which was acquired in late March 2019; and (ii) the owner managed Hampton by Hilton Utrecht hotel which commenced its operations in mid-June 2019, offset by disposal of 5 hotels in the Bilderberg hotel portfolio.

(5) Due to the weakening of EUR against S$.

2.5 Statement of Profit or Loss – 3Q2019 vs 3Q2018

11

37.333.4

-

5

10

15

20

25

30

35

40

3Q2019 - PBT 3Q2018 - PBT

S$ M

illio

ns

+ 11.9%

32.625.7

-

5

10

15

20

25

30

35

3Q2019 - PAT 3Q2018 - PAT

S$ M

illio

ns

+ 26.9%

The increase in profit before tax was due mainly to:

• Higher gross profit contribution from the property holding business segment [S$2.8m increase]

• Higher share of after-tax profit from associates and joint ventures [S$14.0m increase]

The increase was partially offset by:

• Lower gross profit contribution from the property development and property financing business segments [S$7.4m decrease]

• Higher administrative and selling expenses [S$3.0m increase]

• Lower net finance income [S$1.0m decrease] • Lower fair value gain on cross currency swaps net

of foreign exchange loss [S$0.7m increase] The adjusted effective tax rate was 23.6% for 3Q2019.

2.6 Statement of Profit or Loss – YTD Sep 2019 vs YTD Sep 2018

12

99.2

70.9

-

20

40

60

80

100

YTD Sep 2019 - PBT YTD Sep 2018 - PBT

S$ M

illio

ns

+ 39.8%

71.555.0

-

20

40

60

80

YTD Sep 2019 - PAT YTD Sep 2018 - PAT

S$ M

illio

ns

+ 29.9%

The increase in profit before tax was due mainly to:

• Higher gross profit contribution from the property development and property holding business segments [S$24.2m increase]

• Higher share of after-tax profit from associates and joint ventures [S$23.0m increase]

• Higher fair value gain on cross-currency swaps [S$10.7m increase]

• Gain on disposal of certain commercial spaces of the Chengdu Cityspring project [S$4.5m increase]

The increase was partially offset by:

• Higher foreign exchange loss [S$17.7m increase] • Lower gross profit contribution from the property

financing business segment [S$0.8m decrease] • One-off professional fees in relation to the acquisition of

Westin Bellevue Dresden Hotel [S$1.3m increase] • Higher operating costs due to the newly acquired Westin

Bellevue Dresden Hotel and newly opened Hampton by Hilton Hotel [S$3.3m increase]

• One-off hotel pre-opening expenses and hotel base stock costs written off [S$1.3m increase]

• Lower net finance income [S$4.8m decrease] The adjusted effective tax rate was 24.2% for YTD Sep 2019.

13

2.7 Statement of Financial Position – Highlights

(1) Relates to principal-guaranteed structured deposits placed with financial institutions classified as other investments (current).

(2) Comprises gross borrowings of S$748.5m net of unamortised upfront fee of S$8.4m and S$745.5m net of unamortised upfront fee of S$7.6m as at 30 September 2019 and 30 June 2019 respectively.

(3) NAV includes Series-2 perpetual convertible capital securities (“Series-2 PCCS”) of S$146.5m and translation loss of S$17.4m (Jun 2019: translation gain of S$0.7m), and excludes non-controlling interests.

(4) Represents NAV per share adjusted for the full conversion of Series-2 PCCS and exercise of all warrants to ordinary shares.

(5) Computed as net debt ÷ total equity including non-controlling interests. Net debt = gross borrowings – cash and structured deposits.

Statement of Financial Position - Highlights

In S$'000 30-Sep-19 30-Jun-19 Change %

Total assets 2,845,006 2,780,108 2.3%

Cash and structured deposits 328,856 257,875 27.5%

Contract liabilities 124,217 115,647 7.4%

Total debt 740,097 737,935 0.3%

Net asset value (NAV) 1,477,705 1,471,230 0.4%

NAV per share (cents) 185.86 185.04 0.4%

Adjusted NAV per share (cents) 156.92 156.33 0.4%

Gearing ratio 0.28x 0.32x n.a.

(2)

(1)

(3)

(4)

(5)

1.4%

57.6%

41.0%

2.9%

30.1%

10.0%

15.6%

7.8%

14.0%

19.6%

S$2,780m

PD (PRC)

PH (PRC)

PH (EU)

others

PF (PRC)

PD (EU)

other regions

S$2,780m

EU

PRC

PF (EU)

2.8 Statement of Financial Position - Total Assets

Total Assets – by business and geographic segments

As at 30 June 2019

Total assets: S$2,780m

As at 30 September 2019

Total assets: S$2,845m

1.5%

57.2%

41.3%

2.6%

29.8%

9.5%

16.7%

8.4%

13.8%

19.2%

PD (PRC)

PH(EU)

othersother regions

S$2,845mPRC

PF (EU)

PH (PRC)

PF (PRC)

EU

S$2,845m

PD (EU)

EU = The Netherlands + Germany + Italy PRC = The People’s Republic of China PD = Property Development PH = Property Holding PF = Property Financing

14

15

2.9 Debt Maturity and Composition as at 30 September 2019

* Done via cross currency swaps. ^ Remaining headroom of S$244.1m comprises mainly committed credit facilities.

0.0m

266.3m 266.3m

178.0m

178.0m

304.2m

304.2m

S$748.5m

-

100

200

300

400

500

600

700

800

Debtdrawndown ^

2019 2020 2021 2022Debt maturity

S$ Millions

68%

32%

Debt composition(all unsecured)

floating

S$748.5m

fixed*

16

Key Business Review 3Q2019 – Property Development Section 3

17

3.1 Property Development – Plot F, Millennium Waterfront Project, Chengdu

The Group has launched 781 out of a total of 807 loft SOHO units for pre-sales in August

2019 and sales performance for these launched units has been satisfactory.

The development is expected to be completed around early 2021.

SOHO units Comprises 15 floors of 807 loft

SOHO units (49,350 sqm)

% of 46,547 sqm saleable GFA launched for sale sold3: 36.9%

Retail and commercial space

5 floors of over 25,000 sqm of saleable retail and commercial space including F&B/restaurants, cinema and supermarket, as well as 806 car park lots

Notes: 1. This diagram is not drawn to scale. 2. Based on artist’s impression which may not be fully representative of the actual development. 3. As at 30 September 2019 and includes sales under option agreements or sale and purchase agreements, as the case may be.

18

3.1 Property Development – Plot E, Millennium Waterfront Project, Chengdu

The Group is considering its development options for Plot E, the last development plot

of the Chengdu Millennium Waterfront project.

Expected to comprise: Three blocks of approx. 2,900

SOHO units and an elder care centre of total 304,300 sqm including a hospital building (69,500 sqm)

91,800 sqm of commercial/retail space

3,200 car park lots

Based on artist’s impression which may not be fully representative of the actual development.

3.2 Property Development – Star of East River Project, Dongguan

19

Notes: 1. This diagram is not drawn to scale. 2. Based on artist’s impression which may not be fully representative of the actual development. 3. As at 30 September 2019 and includes sales under option agreements or sale and purchase agreements, as the case may be.

Residential Blocks

Six blocks of 1,221 residential units (132,000 sqm), 1,961 sqm of commercial space and 1,201 car park lots

All residential units from the six blocks and commercial space have been launched for sale

% of total saleable GFA launched for sale sold3: – Residential : 100% – Commercial : 100%

Cumulative handover of 753 residential units and recognised S$388.3m gross sales value as at 30 September 2019

Office Block

250m high office tower block with 778 office units (102,000 sqm)

64.9% sold3 out of 76,594 sqm saleable GFA launched for sale

Commercial Podium

approx. 69,000 sqm of commercial/retail space with 31,000 sqm lettable floor area (“LFA”)

27,335 sqm or 88% of the 31,000 sqm retail mall, named “首铸。万科广场”, has commenced operations in late September 2019, of which 94.6% of these spaces are leased out

35.4% of leased LFA is from 3 anchor tenants with WALT of >12 years

SOHO Blocks

Two blocks of 2,328 SOHO units (75,000 sqm)

78.8% sold3 out of 55,086 sqm saleable GFA launched for sale

3.3 Property Development – Emerald of the Orient, Dongguan

20

Others

Approx. 89,500 sqm to be built for the municipal comprising office, residential, kindergarten and other general amenities as per the land tender conditions

1. This diagram is not drawn to scale. 2. Based on artist’s impression which may not be fully representative of the actual development. 3. As at 30 September 2019 and includes sales under option agreements or sale and purchase agreements, as the case may be.

% sold excludes units to be kept for minimum holding period of 5 years after the housing title certificates have been obtained.

Residential Villa Cluster

168 residential villas (24,700 sqm), including 31 villas to be kept for a minimum holding period of 5 years as per land tender conditions

All 137 saleable villas are fully sold, and expected to be handed over from late 2020

High-rise Residential Blocks

Six blocks of 1,076 residential units (120,300 sqm), including 222 units to be kept for a minimum holding period of 5 years as per land tender conditions, and 973 car park lots

The fourth residential block which was launched for pre-sale in the last week of September 2019 achieved 49.1% sales for its launched units

The saleable units for the remaining two blocks will be launched for pre-sale upon obtaining the pre-sale permits in 4Q2019

Sold apartments are expected to be handed over from late 2020/early 2021

3.4 Property Development – The Pinnacle, Dongguan

21 Based on artist’s impression which may not be fully representative of the actual development. This diagram is not drawn to scale.

High-rise Residential Blocks Eight blocks of 607 residential units (63,500

sqm) and approx. 412 car park lots Expected to launch for pre-sale in phases from

late 2019 / early 2020

Ground Level Retail: Approx. 3,000 sqm of retail space located at

ground level of residential and SOHO blocks

SOHO Cluster Comprises 226 SOHO units (8,900 sqm) Expected to launch for pre-sale in 2Q2020

Current stage of development The Group is working towards obtaining pre-

sale permits for the residential blocks by late

2019 / early 2020 and the development project

is expected to be self funding thereafter

through pre-sale proceeds.

3.5 Property Development – Wanjiang Victory Land, Dongguan

22

A mixed used development site adjacent to the Wanjiang Victory Land was recently sold

via a public tender at a land cost of approximately RMB1.1 billion which translates into

approximately RMB18,500 psm, a premium of more than 28% over Wanjiang Victory

Land cost of approximately RMB14,400 psm. In addition to the higher land cost, the

winning bidder has to build and return 5% of the residential GFA to the Dongguan

municipal as part of the competitive bid terms.

In June 2019, the Group acquired a 27% equity stake in the Wanjiang Victory Land

which has a total GFA of approximately 214,700 sqm comprising approximately

134,000 sqm of residential GFA and 80,700 sqm of commercial GFA.

Development of the project is on

track and pre-sale of the

residential component is

expected to commence from late

2020.

Preliminary design based on artist’s impression which may not be fully representative of the actual development.

3.6 Property Development – Dreeftoren, Amsterdam Southeast

Oliphant Tower

(office)

Arena Towers

(2 hotels)

Dreeftoren

(office)

The Group’s 3 properties at Amsterdam Southeast, the Netherlands

The Group has received the following conditional building permits:

• to redevelop the office building by increasing its net lettable area by

approximately 74% to 15,272 sqm; and

• to develop a new 312-unit residential tower next to the office

building.

23

3.6 Property Development – Dreeftoren, Amsterdam Southeast

The Group expects both building permits to be irrevocable by late 2019. As

construction costs in the Netherlands remain high, the Group will monitor

the construction market and will only commence construction if it is able to

secure a construction contract for the developments at a reasonable

contract price.

While the current housing regulations require new residential developments

to be built based on the development composition of 40% social housing,

40% mid rent residential and 20% free market residential, the Dreeftoren

residential tower had obtained the approval to build a higher volume of free

market residential component (40%) and corresponding lower volume of

social housing component (20%).

The social housing and mid rent residential components are subject to

rental control thereby restricting capital value appreciation. However, such

limitation will be lifted after 15 years and 25 years from completion of

construction respectively. As such, other than the free market residential

apartments which will be developed for sale, the Group is considering

holding the remaining social housing and mid rent residential apartments for

recurring rental yield with a good capital gain potential in the future.

24

25

Key Business Review 3Q2019 – Property Holding Section 4

4.1 Property Holding – Chengdu Wenjiang hotels and Utrecht hotel

26

Crowne Plaza Chengdu Wenjiang and Holiday Inn Express Chengdu Wenjiang

Hotspring Hotels, PRC

The Wenjiang hotels continue to display strong performance with a 28% increase in GOP for 3Q2019 over 3Q2018 underpinned by profitability growth in both rooms and F&B business segment.

Hampton by Hilton Utrecht Central Station, the Netherlands

The 193-room Hampton by Hilton hotel has traded well with an average occupancy rate of 72.7% since its opening on 17 June 2019 to 30 September 2019. The hotel achieved an EBITDA of €1.0 million in its first 3.5 months of operation.

Encouraged by the stellar performance of its first owner managed hotel in the Netherlands, the Group looks forward to the completion of the 144-room Crowne Plaza hotel in April 2020 which will also be owner managed and is within the same building.

4.2 Property Holding – Hilton Rotterdam and Westin Bellevue Dresden hotels

27

Westin Bellevue Dresden, Germany

An extensive capital expenditure program for the 340-room Westin Bellevue Dresden Hotel which was acquired in March 2019 has begun. Phase 1 which entails the renovation of 113 rooms has been completed. Phase 2 which covers the renovation of an additional 111 rooms will be completed before the end of 2019. Another 102 rooms will also be renovated in early 2020. New conference rooms may be added in due course.

While ongoing capital expenditure works are expected to cause a short term negative impact on hotel trading, the Group is confident that the substantial makeover of the hotel will have a long term positive impact on performance.

Hilton Rotterdam, the Netherlands

The hotel achieved an increase in occupancy and average daily rate that resulted in 10% growth in room revenue and an overall 16.3% GOP growth for 3Q2019.

28

Bilderberg Hotel

Portfolio3Q2019 3Q2018 Change

YTD Sep

2019

YTD Sep

2018 Change

Occupancy 77.8% 79.3% (1.5%) 70.1% 72.0% (1.8%)

ADR € 110 € 104 5.6% € 108 € 106 2.4%

RevPAR € 86 € 83 3.6% € 76 € 76 (0.2%)

TRevPAR € 153 € 149 2.5% € 139 € 140 (0.6%)

(1)(restated) (restated)

(1) The trading results of Bilderberg Hotel Portfolio comprises 11 owned hotels and one leased hotel. The prior period comparatives have been restated to conform with such presentation.

4.3 Property Holding – Bilderberg Hotel Portfolio in The Netherlands

The Bilderberg Portfolio managed to achieved a modest revenue growth in 3Q2019 which is a turnaround from the first two quarters where it recorded a decrease in revenue due mainly to an overall softening of the Dutch hospitality market partly attributable to the increase in VAT rate from 6% to 9% for hotel rooms and F&B business since 1 January 2019.

EBITDA of the portfolio further increased by 18.3% for 3Q2019 due mainly to significant saving resulting from the absorption of part of the head office operations by the Event hotel management platform.

4.4 Property Holding – Update on Sale of Certain Parts of Chengdu Cityspring

1 Reference is made to the announcements dated 30-May-18,12-Jul-18, 25-Sept-18, 23-Nov-18, 28-Jan-19 , 22-May-19 and

26-Aug-19.

The Group had entered into a sale and purchase agreement on 30 May 2018 and subsequent various supplemental agreements1 in relation to the disposal of certain parts of Chengdu Cityspring, including the 196-room M Hotel Chengdu, bare shell commercial spaces and basement car park lots, for a total cash consideration of approximately RMB465.0 million (approx. S$93.3 million).

29

Property title relating to consideration of

RMB 294.2m transferred

RMB 361.4m (78%) collected to-date Outstanding Purchase Consideration

of RMB 103.6m

Monthly instalment of at least RMB 10m

Deposit of RMB 54.3m

Advance Receipt of RMB 12.9m

Total Purchase Consideration RMB 465m

Liquidated Damages 1. RMB 18.1m collected to date 2. Ongoing liquidated damages to be paid based

on 1% per month of outstanding amount 3. Refund (part of) the related liquidated damage

collected for the period between 1/10/2019 to 31/3/2020 if all outstanding purchase consideration are collected before 31/8/2020

30

Key Business Review 3Q2019 – Property Financing Section 5

31

5.1 Property Financing - Overview of Financial Performance

(1) Relates to non-PRC property financing business (2) Repaid in March 2019 (3) Repaid in October 2018 (4) Income recognised through share of joint venture’s profit

In S$’000 3Q2019 3Q2018 Change %YTD Sep

2019

YTD Sep

2018Change %

Secured PRC PF loans to third parties

- interest 9,720 5,092 90.9% 29,893 8,827 238.7%

- penalty interest - 338 n.m. - 13,067 n.m.

Unsecured PF loans to the Group's members

- European associates and JV (1) 9,137 9,131 0.1% 25,864 26,130 (1.0%)

- Star of East River Project Co (2) - 3,725 n.m. 3,096 11,279 (72.6%)

- Dongguan East Sun Limited (3) - 379 n.m. - 1,148 n.m.

Others 102 1,320 n.m. 1,777 1,654 7.4%

Total Revenue from PF 18,959 19,985 (5.1%) 60,630 62,105 (2.4%)

Share of interest income from secured Australian

PF loan to 3rd parties (1),(4) 297 - n.m. 892 - n.m.

32

30 September 2019

30 June 2019

Average

PRC PF loan book

for the quarter ended

PRC PF loan book

as at

RMB2,059.6m

(S$409.4m)

RMB2,030.0m

(S$393.0m)

RMB1,880.4m

(S$376.6m)

RMB2,052.5m

(S$403.9m)

Average

PRC PF loan book

for the year to date ended

RMB2,245.8m

(S$446.5m)

RMB2,340.4m

(S$468.8m)

(1)

(1)(1)

5.2 Property Financing - PRC PF Loan Book

The PRC PF loan book stood at approximately RMB2.0 billion as at 30 September 2019. The Group is working towards the disbursement of additional PRC PF loans before the end of 2019. The Group expects 2019 to be a record year for the PRC PF business.

(1) Includes the Case 1 RMB170.0 million defaulted loan which was subsequently recovered on 14 October 2019.

33

5.3 Status of Case 1 Problematic Loan

The Group has successfully recovered the entire RMB170.0 million loan principal in respect of the Case 1 defaulted loan in October 2019.

After working with the Shanghai court and due to the public interest arising from the criminal cases involving the legal representative of the borrower, the Group has accepted a lower interest of RMB24.2 million, being interest accrued at 4.75% per annum, with the remaining auction proceeds to be distributed to the victims of the criminal cases.

The Group has not recognized any interest income in its books up to 30 September 2019 since the borrower’s default in December 2015.

This marks the conclusion of the litigation in relation to the Case 1

defaulted loan. Since the commencement of the Group’s PF business in 2012, the Group has experienced defaults on only two PF loans and has not suffered any bad debt loss.

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Thank You

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Disclaimer

This document may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other developments or companies, shifts in customer demands, customers and partners, expected levels of occupancy rate, property rental income, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events.